RBI to Withdraw Rs 2,000 Currency Notes from Circulation

NEWS WAVE INDIA: The Reserve Bank of India (RBI) on Friday announced that it will withdraw Rs 2,000 currency notes from circulation. The existing notes in circulation can either be deposited in bank accounts or exchanged by September 30, 2023.

The RBI said that the decision to withdraw the Rs 2,000 notes was taken in order to “curb the menace of counterfeit currency”. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said.

In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.

The RBI has also said that it will issue new Rs 500 and Rs 200 notes in the coming days.

The decision to withdraw the Rs 2,000 notes has been met with mixed reactions from the public. Some people have welcomed the move, saying that it will help to curb counterfeit currency and make it easier to track black money. Others have expressed concern about the inconvenience that the withdrawal of the notes will cause, especially for those who do not have access to bank accounts.

The RBI has said that it will take all necessary steps to ensure that the withdrawal of the Rs 2,000 notes is smooth and does not cause any inconvenience to the public.